Rs. 25,000 Crores To Be Loaned Out For The Samruddhi Corridor

The estimated total cost of the project is Rs. 55,000 crores.

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Maharashtra’s most ambitious project ‘Samruddhi Expressway’ is all set to have a sum of Rs. 25,000 crores sanctioned in a month’s time. The amount will be dispensed by a SBI-led consortium. Chief minister Devendra Fadnavis held a meeting with the top brass of the banks for the loan amount.

As per the latest estimates, the project in total will cost Rs. 55,000 crores. Maharashtra State Road Development Corporation (MSRDC) - the executing agency of the project has a sum of Rs. 5,811 crores with it already. Out of Rs. 5,811 crores, Rs. 4,700 crores have been pooled in by Maharashtra Industrial Development Corporation (MIDC), Maharashtra Housing and Area Development Authority (MHADA), Slum Rehabilitation Authority (SRA), Mumbai Metropolitan Region Development Authority (MMRDA), and City and Industrial Development Corporation of Maharashtra (CIDCO). MSRDC’s contribution is of Rs. 1,111 crores.

According to the officials at the MSRDC, the banks have concurred to lend out Rs. 30,000 crores. “We need only Rs 28,000 crore in the next financial year. We will arrange for the rest of the money when the need arises. The state government has already spent Rs 10,000 crore on land acquisition, which is its share,” said an official.

The revenue projection to recover the loan amount relies on the toll collections across the route. The corridor will have about 31 toll plazas. The authorities plan to collect the toll amount for the next 40 years to repay the loan. The toll amount for a car on the Mumbai-Nagpur route will be Rs. 1,200, whereas for heavy vehicles, the levy will be higher. There will be about 25,000 to 30,000 cars/year who will take the route in the initial years, according to the agency.

Since MSRDC has acquired 86.46% of the sketched out land, the banks have agreed to advance the amount. The rest of the 13.54% land is to be mandatorily acquired under the Maharashtra Highways Act, 1955. The acquisition process for that has already begun.

The expressway will be about 704kms long and is said to reduce the travelling time to mere eight hours. Currently, it takes 15 hours to travel from Mumbai to Nagpur. There will be no obstacles in the way of the motorists as MSRDC will construct 300 vehicular underpasses, 400 underpasses for people and cattle and 50 flyovers for smooth traffic.

The corridor will be 90 metres in width and will be of six lanes. Enough space will be kept aside for gas pipelines and a high speed railway line. 24 townships have also been panned along the route by MSRDC. The townships will be replete with world class amenities for house industries, offices and residences.